Last month’s government-insured reverse mortgage production was the slowest it has been since last year. But there was a year-over-year improvement.
Home-equity conversion mortgages that were endorsed by the Federal Housing Administration added up to
4,254 during July.
That turned out to be the slowest month for government reverse mortgage production since November 2016, when FHA endorsed 3,891 HECMs.
Based on historical data provided by Reverse Market Insight, which reported the latest month’s activity, 33,349 HECMs have been endorsed during the seven months ended July 31, 2017. Since starting its fiscal-year 2016, FHA has endorsed 45,817 reverse mortgages.
RMI said that 368 mortgagees were responsible for year-to-date endorsements. At the same point last year, active lenders were 389.
Last month’s most-active mortgagee was American Advisors Group, where volume fell to 986 from 1,126 in June.
Finance of America Reverse LLC came in second with 504 endorsements during July, also off from the previous month, when the company generated 532 endorsements.
No. 3 Reverse Mortgage Funding LLC saw endorsements fall to 361 from 407 in June.
With 259 reverse mortgages endorsed last month, Synergy One Lending Inc. landed fourth position. Business fell from 332 the prior month.
Liberty Home Equity Solutions Inc. was No. 5 with 211 HECMs endorsed, off from 227 in June.